Pozen Pharmaceuticals (Nasdaq: POZN) is one of several Triangle area firms to secure federal grant funding for drug development through a law passed last year.
Pozen said Tuesday that the company would receive some $730,000 for three drug development programs.
Vimovo and compounds PA32540 and PA65020 were selected for federal support by the Department of Health and Human Services through the Patient Protection and Affordable Care Act.
Some $1 billion in federal funding was available, with the money intended to help underwrite the costs of drug development.
The legislation targeted firms with fewer than 250 employees. Grants were available for up to 50 percent for expenses directly related to drugs selected for the program.
Pozen worked with AstraZeneca to develop Vimovo, a pain reliever targeting arthritis.
Pain relievers in Pozen’s PA program are designed to “significantly reduce” gastrointestinal ulcers and other complications from taking aspirin.
“We will continue to advance the development of our integrated aspirin portfolio and look forward to the day when these products are approved and patients in need have access to them,” said John Plachetka, chairman and chief executive officer of Pozen, in a statement.
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